Byaaj Mukt Awas Yojana
The scheme is lucrative as the buyer is given a choice of paying the cost of the home loan taken for the flats without any interest as emi’s for 100 months. The arrangement is supposedly done with IndiaBulls wherein the buyer needs to pay only the principal installments and there is no interest component if the loan repayment is done within 100 months ie. around 8 years. BMAY is an interest-free home scheme wherein you only have to pay the actual price of the property (minus 10% down payment) in 100 equated installments known as EPR (Equal Principal Repayment).
The ‘BYAAJ MUKT AWAS YOJNA’ has huge benefits on the cost saving part as a property of Rs. 50 lacs will cost over 1cr. after paying almost 100-120% interest amount under the current popular schemes, whereas this scheme will let the buyer pay the amount equal to the cost of the property in 100 easy & EPRs (Equal Principal Repayment)”.
EPR vs. EMI ( Traditional loan )
• The biggest difference between EPR and EMI is huge saving on interest which is 0% in case of EPR.
• You can take loan upto the age of 57 years.
• At the time of resale the benefit of EPR is transferable.
• With EPR loan duration is 100 months against the traditional home loan period of 240 months.
• With EPR customer can re-use his/her loan eligibility after 100 months(8.33 years).
• With EPR get 12 years of stress free life.
The zero interest home loan facility is available on selected projects by some of the leading developers of NCR and Gurgaon regions to name a few. This is a once in a lifetime opportunity of buying a home at such a low cost. Do not miss out!